ITT Inc. (NYSE:ITT) Lowered to “Hold” at BidaskClub
BidaskClub cut shares of ITT Inc. (NYSE:ITT) from a buy rating to a hold rating in a report published on Tuesday.
Other research analysts have also issued reports about the company. TheStreet raised ITT from a c+ rating to a b rating in a research report on Monday, March 27th. Stifel Nicolaus upped their price target on ITT from $49.00 to $51.00 and gave the company a buy rating in a research report on Tuesday, May 9th. Zacks Investment Research raised ITT from a hold rating to a buy rating and set a $46.00 price target on the stock in a research report on Tuesday, July 18th. ValuEngine raised ITT from a hold rating to a buy rating in a research report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) lowered ITT from a buy rating to a neutral rating and dropped their price target for the company from $46.00 to $43.00 in a research report on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $46.57.
Shares of ITT (NYSE:ITT) traded down 1.25% during mid-day trading on Tuesday, reaching $40.96. The company’s stock had a trading volume of 588,405 shares. ITT has a 52-week low of $31.08 and a 52-week high of $44.00. The firm’s 50 day moving average is $40.46 and its 200-day moving average is $40.62. The company has a market capitalization of $3.63 billion, a PE ratio of 18.88 and a beta of 1.47.
ITT (NYSE:ITT) last posted its quarterly earnings results on Monday, May 8th. The conglomerate reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.04. The firm had revenue of $625.80 million for the quarter, compared to analyst estimates of $607.08 million. ITT had a return on equity of 14.65% and a net margin of 8.04%. ITT’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 earnings per share. Analysts forecast that ITT will post $2.43 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Monday, June 12th were given a $0.128 dividend. This represents a $0.51 annualized dividend and a yield of 1.25%. The ex-dividend date was Thursday, June 8th. ITT’s payout ratio is currently 23.50%.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in shares of ITT by 4.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,808 shares of the conglomerate’s stock valued at $225,000 after buying an additional 260 shares during the last quarter. Norges Bank purchased a new position in shares of ITT during the fourth quarter valued at $33,634,000. Quadrature Capital Ltd purchased a new position in shares of ITT during the fourth quarter valued at $382,000. Teachers Advisors LLC raised its position in shares of ITT by 24.4% in the fourth quarter. Teachers Advisors LLC now owns 1,120,718 shares of the conglomerate’s stock valued at $43,226,000 after buying an additional 219,763 shares during the last quarter. Finally, Highbridge Capital Management LLC raised its position in shares of ITT by 435.5% in the fourth quarter. Highbridge Capital Management LLC now owns 362,821 shares of the conglomerate’s stock valued at $13,995,000 after buying an additional 295,066 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors.
ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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